Financial Experts Rally for Innovation in Insurance and Pension Sectors, Call for Supportive Government Policies at the 8th annual national conference of the Nigerian Association of Insurance and Pension Editors (NAIPE), experts further noted in the financial services sector came together to advocate for a fresh perspective in the insurance and pension industries. Under the theme, “Role of Insurance and Pension In Building Sustainable Economic Growth Under The New Government,” the conference convened in Lagos to address pressing issues.
These experts underscored the necessity for insurance and pension operators to infuse creativity and innovation into their business strategies, product development, and service delivery to foster growth within these sectors.
They emphasized the importance of continuous manpower development and the adoption of technology as catalysts for modern-day business expansion.
Furthermore, the experts called upon government entities at all levels to establish an enabling environment, supported by business-friendly and growth-oriented regulations.
During a panel session, Mr. Shola Tinubu, the Managing Director/Chief Executive Officer of Scib Insurance Broker, stressed the importance of government adopting innovative policies and regulations conducive to the growth of the insurance and pension sectors.
Tinubu advocated for regulators to grant operators the flexibility to determine their methods of raising capital.
Tinubu explained that in the past, capital requirements for insurance were driven by statutory obligations.
He highlighted the need for a more creative approach to channeling capital effectively for business growth, allowing companies to tap into the capital market to raise funds for meaningful investments.
Mr. Wale Odutola, representing ARM Pension, emphasized that basic insurance and pension plans are essential for every household. He noted the significant impact of insurance and pension in improving people’s lives and urged the promotion of these financial instruments among rural communities to enhance economic development.
Odutola highlighted the role of insurance in managing business risks and the Contributory Pension Scheme (CPS) in handling pension liabilities, stressing their contributions to productivity and growth in the nation’s finance sector.
He called for increased participation from state governments and the informal sector in the CPS to broaden its impact.Ms. Prisca Soares, former Secretary General of the African Insurance Organisation (AIO), addressed the shortage of skilled manpower, particularly Actuaries, in the insurance industry. She urged the industry to invest in technology and manpower development to address this critical challenge, especially in financial reporting.
Mr. Oguche Aguda, CEO of the Pension Operator Association of Nigeria (PenOp), represented by Mr. Akinbola Akintola, Head of Research Department at PenOp, highlighted the challenge of public confidence faced by both insurance and pension sectors. He urged operators to work on improving their reputations, emphasizing that confidence is essential for sector growth and, subsequently, national economic development.
Lastly, Mr. Eddie Efekoha, Group Managing Director of Consolidated Hallmark Insurance (CHI), represented by Tunde Adaramola, ED, Finance at CHI, emphasized the need to enforce compulsory insurances and pension. He urged operators in both industries to maintain honesty in their operations, earn consumer trust, and bridge any expectation gaps to ensure the credibility and advancement of these sectors.
